BREAKING: NGX suspends trading on Ardova, Coronation Insurance, 6 others
For failing to oblige to post-listing requirement, the Nigerian Exchange Limited (NGX) has suspended trading in Ardova Plc, Coronation Insurance Plc, and six other listed companies.
The other six companies are; C&I Leasing Plc, Ekocorp Plc, Premier Paints Plc, African Alliance Insurance, Royal Exchange Plc, Mutual Benefits Assurance Plc, and Niger Insurance Plc.
NGX Regulation Limited in a notice stated that the entities were suspended pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, which provides that: “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period1, The Exchange will: a) Send to the Issuer a ‘Second Filing Deficiency Notification’ within two (2) business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”
The notice by the Exchange stated: “The shares of the below listed companies have been suspended from trading via the facilities of Nigerian Exchange Limited (NGX), effective today, Friday, 1 July 2022 having failed to file their Audited Financial Statements for the year ended 31 December 2021.
“The investing public is hereby advised that, in accordance with the provisions of the Default Filing Rules set forth above, the suspension of trading in the shares of the above listed companies will only be lifted upon the submission of the relevant accounts and provided NGX RegCo is satisfied that the accounts comply with all applicable rules of NGX”.
When shares are suspended from the stock market, investors are denied access in trading such stock, and it forced a shareholder to take drastic actions on the management of such company.
